中证报中证网讯（记者 胡雨）中国证券报记者2月24日获悉，日前中网联合（北京）能源服务有限公司 （以下简称"中网联合"）旗下公司北京易能中网技术有限公司推出专为新能源投资决策和运营管理打造 的便捷数据工具——"易能电易查"小程序，该产品依托中网联合在电力交易与能源大数据领域的长期实 践，以"信息数据+AI模型算法"为核心，为新能源投资企业、金融机构、资产管理单位等用户，提供覆 盖全国、实时精准的收益测算与市场决策支持。 在新能源规模化发展、电力市场化改革深入推进的背景下，项目收益率高度耦合于瞬息万变的电力市 场，电价波动、政策调整、气象条件、电源结构等因素交织影响，使项目前期选址、收益预测与后期运 营面临巨大不确定性。传统分析工具存在电价数据分散、更新滞后等问题，难以支撑精准的资产估值与 风险管控，而"易能电易查"小程序正是为破解这些难题而设计。 在"双碳"目标与新型电力系统建设背景下，新能源正从"资源开发"迈向"资产运营"新阶段。"易能电易 查"小程序的推出，旨在提升行业资产管理的专业化、精细化水平，通过数据智能化提升资本配置效 率，推动绿色能源投资高质量发展。公司研发团队表示，未来将聚焦新能源投资者的需求 ...

具体而言，"易能电易查"小程序围绕"全、快、准"三大核心，构建了涵盖首页总览、查数据、看政策三 大功能模块的一站式决策支持平台，旨在成为新能源投资领域覆盖全国省份的"电价收益导航系统"。首 页聚焦全国电力现货价格动态，通过热力图直观呈现各省电价高低与峰谷价差，帮助投资者快速识别具 备高电价潜力的区域市场，为新能源电站开发、选址、建设、交易提供关键价格风向标。查数据模块是 新能源投资的专业数据库，涵盖现货价格、中长期价格、省间现货、机制电价、天气、电源结构等六大 关键维度。看政策模块实时追踪国家及地方储能、新能源领域的最新政策与电力市场规则，解读政策影 响、分析市场趋势，帮助投资者把握补贴、准入、考核等关键政策窗口，提前规避政策变动风险。 据了解，"易能电易查"小程序并非简单的信息展示平台，其背后是中网联合多年来在电力市场前沿实践 积累的"电力交易+"智能体系的直观呈现。自2017年成立以来，中网联合业务已覆盖全国30个省份，积 累多个省份超千余节点历史电价数据，深度分析电力市场发展趋势，并结合长周期气象环境变化、煤炭 价格周期波动、国内外经济环境影响等因素，开发"易准"垂类电力交易AI大模型、现货交易辅助决策 ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent issuance of guidelines by the National Development and Reform Commission and the National Energy Administration aimed at establishing a unified national electricity market by 2030, with a target of 70% market-based trading by that year [5] - The European natural gas inventory has dropped to a low level due to extreme cold and supply disruptions, with the average daily net withdrawal in January 2025 reaching a five-year high [5] - The report suggests that the electricity sector is expected to see profit improvement and value reassessment following several rounds of supply-demand tensions [5] Summary by Sections Market Performance - As of February 13, the utility sector declined by 1.2%, underperforming the broader market, with the electricity sector down by 1.13% and the gas sector down by 2.27% [4][12] - The top-performing companies in the electricity sector included Zhongmin Energy and Huaneng International, while Nanshan Energy and Guikang Power saw significant declines [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port increased by 19 CNY/ton week-on-week, reaching 712 CNY/ton as of February 13 [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.45 million tons, down by 180,000 tons week-on-week [28] - Daily coal consumption in inland provinces was 3.148 million tons, down by 609,000 tons/day, with a usable days increase to 28.38 days [30] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 3,759 CNY/ton, down 15.03% year-on-year and 5.20% week-on-week [56] - The EU natural gas supply for week 5 of 2026 was 6.19 billion cubic meters, up 13.4% year-on-year [62] - The average daily consumption of natural gas in the EU was estimated at 11.33 billion cubic meters, up 26.0% year-on-year [5] Key Industry News - The report discusses the establishment of a national electricity market system with specific reform tasks outlined for achieving a fully market-based electricity resource allocation by 2035 [5] - The report notes that the European natural gas inventory has fallen to 50.36%, significantly below the average levels of previous years, raising concerns about potential shortages [5] Investment Recommendations - For the electricity sector, the report recommends focusing on leading coal power companies such as Guodian Power and Huaneng International, as well as regional leaders in tight supply areas [5] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

2月5日，一批电力系统移动智能设备——台区移动有源功率调节装置，在集团旗下元控智驱举行批 量交付发车仪式。广西汽车集团总经理助理、五菱工业副总经理、元控智驱执行董事谢海鸿，南方电网 客户代表等出席活动，共同见证项目落地。 本次与南方电网合作中，元控智驱充分发挥规模化制造能力，高效统筹供应链、生产、检测等全流 程，实现近百台设备快速交付，较行业常规周期缩短60%以上，刷新移动配网设备批量交付效率纪录。 此次成功交付，也标志着公司从移动充电领域向低电压治理领域实现重要战略延伸。 这批设备将于春节前投运至广东6市20余个地区，在春节用电高峰期间保障民生用电，为千家万户 安心过年、稳定用电保驾护航。 此次交付标志着移动智能技术与电网低电压治理场景实现深度融合。元控智驱以车规级品质和28天 极速交付能力，为新型电力系统末梢治理注入新动能，为配网升级改造提供可复制、可推广的柔性供电 解决方案，助力新型电力系统建设提质增效。 在发车仪式上，谢海鸿表示，元控智驱将与南方电网持续深化合作，聚焦电力场景痛点，持续迭代 技术、优化产品，携手开拓全国乃至全球市场；同时不断提升响应速度、成本控制与服务保障能力，打 造更具竞争力的解决方 ...

Financial Data - As of the end of January, the social financing scale increased by 8.2% year-on-year, and the broad money supply (M2) grew by 9.0%, significantly higher than the nominal GDP growth rate, creating a favorable monetary environment for economic recovery [3]. Stock Market Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, with the inclusion of CATL, Luoyang Molybdenum, and Laopu Gold, while Zhongsheng Holdings will be removed. These changes will take effect after the market closes on March 6 and will be implemented on March 9 [3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) announced administrative penalties and market bans against Tianfeng Securities for alleged violations related to financing and information disclosure for Wuhan Contemporary Technology Industry Group [3]. Company News - Southwest Securities plans to issue A-shares to specific investors, raising up to 6 billion yuan to supplement its capital for various business operations [7]. - SAIC Group's subsidiary, SAIC Jin控, will establish a private equity fund with an initial subscription of 2.5 billion yuan, focusing on solid-state batteries and other advanced technologies [8]. - KOTAI Power has decided to terminate its H-share issuance preparations, stating that this decision will not significantly impact its operations [8]. - YG Chip received a notice from the CSRC regarding an investigation for suspected information disclosure violations, while its business activities continue normally [8]. - Meituan expects a loss of 23.3 billion to 24.3 billion yuan for the fiscal year 2025, primarily due to a shift from a profit of approximately 52.4 billion yuan in 2024 to an operational loss in 2025, alongside increased investments in overseas operations [9]. - Zongshen Power plans to swap motorcycle engine-related assets with Longxin General's assets to resolve competition issues and promote clearer business development [9]. Industry Insights - Huatai Securities believes that the advancement of a unified national electricity market will benefit the new power system construction from multiple dimensions, focusing on the accelerated development of energy storage, continuous construction of the main grid, and structural growth in renewable energy demand [11].

Financial Data - As of the end of January, the social financing scale increased by 8.2% year-on-year, while the broad money supply (M2) grew by 9.0%, significantly exceeding the nominal GDP growth rate, creating a favorable monetary environment for economic recovery [1][1]. Stock Market Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, with the inclusion of CATL, Luoyang Molybdenum, and Laopu Gold, while Zhongsheng Holdings will be removed. These changes will take effect after the market closes on March 6 and will be effective from March 9 [1][1]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued an administrative penalty and market ban notice to Tianfeng Securities for allegedly providing financing and violating information disclosure regulations related to Wuhan Contemporary Technology Industry Group [2][2]. Company News - Southwest Securities plans to issue A-shares to specific investors, raising up to 6 billion yuan, which will be used to supplement the company's capital for various business operations [4][4]. - SAIC Motor's subsidiary, SAIC Jin Kong, will co-invest in a private equity fund with a total initial subscription of 2.5 billion yuan, focusing on solid-state batteries and other advanced technologies [5][5]. - KOTAI Power has decided to terminate its H-share issuance preparations, stating that the decision will not significantly impact its operations or shareholder interests [5][5]. - Yinchip has received a notice from the CSRC regarding an investigation for suspected information disclosure violations, while its business operations continue normally [5][5]. - Meituan has issued a profit warning, expecting a loss of 23.3 billion to 24.3 billion yuan for 2025, primarily due to a shift from profit to loss in its core local business segment and increased investment in overseas operations [6][6]. - Zongshen Power plans to swap motorcycle engine-related assets with Longxin General's assets to resolve competition issues and promote clearer business development [6][6]. Industry Insights - Huatai Securities believes that the advancement of a unified national electricity market will benefit the construction of a new power system from multiple dimensions, including profit mechanisms and structural growth in renewable energy demand [7][7].

Group 1: Fund Positioning - In Q4 2025, the overall equity position of actively managed equity funds decreased to 86.45%, down by 0.97 percentage points from Q3 2025[4] - The main board's position decreased by 0.2 percentage points to 58.4%, while the Sci-Tech Innovation Board's position fell by 1.0 percentage points to 16.4%; the ChiNext Board's position increased by 1.2 percentage points to 24.8%[5] - The cyclical sector saw the largest increase in position, rising from 18.2% to 21.5%, an increase of 3.3 percentage points[10] Group 2: Sector Adjustments - Actively managed equity funds increased their positions in non-ferrous metals and communications while reducing their holdings in pharmaceuticals and electronics[10] - The top five sectors by position in Q4 2025 were electronics (23.7%), electric power equipment (11.4%), communications (11.1%), pharmaceuticals (8.1%), and non-ferrous metals (8.0%)[13] - The growth sector's position decreased by 2.5 percentage points to 57.6%, while the consumer sector fell by 1.6 percentage points to 14.7%[10] Group 3: Concentration of Holdings - The concentration of holdings in the top 20 stocks increased, with the top 5, 10, 30, and 50 stocks' holdings rising by 1.3, 0.8, 0.6, and 0.2 percentage points respectively[20] - The top stocks with increased holdings included those in the electric power equipment and non-ferrous metals sectors, while reductions were primarily in electronics and media[23] Group 4: Future Expectations - It is anticipated that holdings in the growth, certain cyclical, and consumer sectors may rebound or remain high in Q1 2026 due to policy support and market conditions[27] - The TMT (Technology, Media, Telecommunications), electric new energy, pharmaceuticals, and certain consumer sectors are expected to attract attention for potential investment[28]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session outlines a grand blueprint for economic and social development over the next five years, emphasizing the construction of an energy powerhouse and the high-quality development of the electricity sector as a key support for this initiative [1]. Group 1: Electricity Industry Development - Since the 14th Five-Year Plan, China's electricity industry has maintained healthy and rapid growth, with total installed capacity expected to reach 3.89 billion kilowatts by the end of 2025, and renewable energy capacity exceeding 1.8 billion kilowatts, surpassing thermal power for the first time [2]. - The average annual electricity consumption growth rate is projected at 6.6%, supporting a 5.4% growth in the national economy, with total electricity consumption expected to exceed 10 trillion kilowatt-hours by 2025 [2]. - The average reliability of power supply across the country has improved, exceeding 99.9% [2]. Group 2: Green Transition and New Energy Systems - By 2025, the proportion of non-fossil energy consumption is expected to exceed 20%, with renewable energy generation accounting for 22.2% of total electricity consumption, up from 9.7% [3]. - The construction of a new type of power system is underway, with significant advancements in nuclear power technologies and the development of high green electricity transmission channels [3]. - The establishment of a unified national electricity market is in progress, allowing for comprehensive market entry of renewable energy [3]. Group 3: Future Goals and Strategies - By the middle of this century, the electrification rate in China is expected to exceed 60%, with non-fossil energy consumption surpassing 70%, positioning electricity as the dominant energy carrier [4]. - The 15th Five-Year Plan period is critical for achieving carbon peak goals by 2030 and accelerating the construction of a new power system [5]. - The electricity sector aims to form a green and low-carbon power supply structure, integrating various energy sources and enhancing the development of renewable energy [5]. Group 4: Implementation and Policy Measures - The electricity sector will focus on high-quality development and the construction of a new power system, ensuring the stability of electricity supply and promoting green transformation [6][8]. - Key projects and policies will be prioritized, including the construction of high-voltage transmission projects and the implementation of major reforms [8][9]. - The establishment of monitoring and early warning mechanisms for electricity supply adequacy will be emphasized to ensure stable power supply during peak seasons [9].

坚持电力先行 为能源强国建设和"十五五"良好开局提供有力支撑 国家能源局电力司司长 杜忠明 党的二十届四中全会擘画了未来五年经济社会发展的宏伟蓝图，作出了建设能源强国的战略部署。全国 能源工作会议、监管工作会议就贯彻落实党的二十届四中全会精神、深入推进能源强国建设作出总体安 排，电力司深入贯彻会议精神，准确把握电力行业所处的战略方位，以电力高质量发展为能源强国建设 提供关键支撑，在"十五五"开局之年展现新担当新作为。 准确把握电力行业发展在能源强国建设中的战略方位 "十四五"以来，我国电力行业保持健康快速发展。截至2025年底，全国电力装机总规模达到38.9亿千 瓦，其中新能源装机规模突破18亿千瓦，装机比重历史性超过火电；特高压直流输电通道达到24 回，"西电东送"输电能力达到3.4亿千瓦，"十四五"电力规划主要发展目标顺利完成。 三是促进用电侧供需协同发展。坚持节能降碳，引导全社会形成节能高效、绿色低碳的用电方式。扩大 绿电应用，提高终端用能电气化水平，促进新能源消纳。以虚拟电厂、车网互动等建设为重点，有效激 发用电侧调节资源，提高柔性用电水平。 四是提升电力系统调节能力。统筹优化各类调节资源布局。大力实 ...

坚持电力先行 为能源强国建设和 "十五五"良好开局提供有力支撑 国家能源局电力司司长 杜忠明 党的二十届四中全会擘画了未来五年经济社会发展的宏伟蓝图，作出了建设能源强国的战略部署。全国能源工作会议、监管工作会议就贯彻落实 党的二十届四中全会精神、深入推进能源强国建设作出总体安排，电力司深入贯彻会议精神，准确把握电力行业所处的战略方位，以电力高质量 发展为能源强国建设提供关键支撑，在"十五五"开局之年展现新担当新作为。 准确把握电力行业发展在能源强国建设中的战略方位 "十四五"以来，我国电力行业保持健康快速发展。截至2025年底，全国电力装机总规模达到38.9亿千瓦，其中新能源装机规模突破18亿千瓦，装 机比重历史性超过火电；特高压直流输电通道达到24回，"西电东送"输电能力达到3.4亿千瓦，"十四五"电力规划主要发展目标顺利完成。 一是电力供应保障有力有序。 建成世界最大的清洁电力供应体系，有效保障了"十四五"我国年均6.6%的用电量增速，有力支撑了年均5.4%的国 民经济增长。2025年全国用电量首次突破10万亿千瓦时，达到10.37万亿千瓦时，超过美国、德国、日本、印度的用电量总和。城乡配电网供电 保障能 ...